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stanip Veteran	18-Jul-2020 18:28        stanip About Contact  Quote this Post!
x 0   x 0  Alert Admin	Anyone knows when Oxley will announce their latest quarterly financial results? I googled and went to their web site and could only find their Q2 (Dec 2019) quarterly numbers. Have they annouced Q3 (i.e end March one)?
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NT1825 Master	16-Jul-2020 00:34        NT1825 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Good news on Oxford Astra Zeneca vaccine trial results. Read more&hellip Do not sell if you have a good stock to hold for 3 months or more.  Early signs for recovery to all construction heavy sectors https://www.straitstimes.com/world/europe/good-news-on-oxford-university-astrazenecas-coronavirus-vaccine-could-come-on-thursday
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Newbie85 Veteran	15-Jul-2020 07:35        Newbie85 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hope today can touch 25
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NT1825 Master	15-Jul-2020 00:53        NT1825 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Track record of successfully executing on plans and monetization of projects delivering industry leading returns Spectacular performance. Note - movement uptrend but slow.  Full details -  https://links.sgx.com/FileOpen/Company%20Update.ashx?App=Announcement& FileID=623185
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NT1825 Master	02-Jul-2020 09:36        NT1825 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Dont believe all these report - what is their motivation to churn out such report? The current climate applies to all business, whether hotel or property development. For OHL to be agile and adjust to market conditions - it is a real positive move to conserve cash. My advice to retails investors once you have bought at a good price eg 28% below the baseline - stay away from market talk as this will influence your initial decision to buy at market low. When you dont sell low no one can buy low. Just wait as OHL has proven to be resilient to crisis. The price will need the support of investors - do not sell to unverified market talk.
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peppergal_87 Member	01-Jul-2020 12:27        peppergal_87 About Contact  Quote this Post!
x 0   x 0  Alert Admin	As a (former) fan of Ox, I have to say that they are very good at walking tightropes till the tide turns. Since we are in semi-lockdown and free to study their numbers.... my accounting friend note that their recent disposals will result in balance sheet write-downs. Example - $101.6M impact to NAV from disposal of Galliard.  Chevron deal is likely to result in another NAV hit of about $90M? Good for cashflow but the NAV per share will go down from each disposal - no choice because we have enjoyed the fair value gains earlier and retail landscape will remain weak for a long while. Selling Oxley hotels below $950M can result in significant hit to NAV per share and also has P& L impact because the loss on disposal will be recognised through P& L. No choice because hotels are almost dead in Singapore now with less than 1,000 tourists compared to average monthly of 1.5+ million.  alsim55      ( Date: 01-Jul-2020 10:01) Posted: i have to agree with you. even the insight into how much they really made in the cheron house deal is unclear, and why they bent over backwards to secure the deal (ie guaranteed rental yield + $1 management fee). these are generally hallmarks of someone tight on cash and doing everything to save a sinking ship. his leverage, even after clearing cheron house is quite high, and it seems he has litigation everywhere, which is a huge distrsction (i believe there are 2 overseas projects + 1 local KAP suits that are on going).  even with the hotel, i have to concur its overvalued. in my opinion, its a trend with oxley to overprice a lot of things and then accept much lower offers. of course, kudos to mr ching for trying his luck to find a sucker, since theres one born every minute, but after the last financial crisis, a lot of investors have become savvier ... but thats just my $0.02 orchardplaza.p8      ( Date: 25-Jun-2020 07:41) Posted: Oxley is a SELL  Having seen Oxley build a global real estate empire over the past 5 years and flying the Singapore flag high in Ireland, Malaysia, UK, I have always been an admirer to the stock. The growth pace has been phenomenal, and the Company has benefitted from the low interest rate environment and resultantly took on excessive leverage to fuel their global expansion. Because of this high gearing, I disagree with many of you that the stock is undervalued. Vulnerability of Book Value The Company has accumulated a portfolio of income producing assets over the years including Novotel and Mercure at Stevens Road which currently sit on their books at $1.1B. If you recall, these hotels were previously reported to have found a potential buyer at $1B who later decided to walk, presumably because of a mismatch in price expectations. The hotels were subsequently put on the market in March 2019 but again failed to find a buyer. Benchmarking to the valuation of Orchard Hotel owned by CDL Hospitality REIT and Orchard Rendezvous Hotel owned by Far East Hospitality both of which are located in much superior locations, Novotel and Mercure at Stevens Road appear to be overvalued even after adjusting for its freehold status. I expect significant mark down of valuation in the next financial report. Space at Tampines which is a retail/industrial building near IKEA would most likely be adversely impacted by Covid-19 and possibly facing valuation mark-down as well. Funding from Non-Local Banks It is widely advertised that Oxley has one of the highest gearing against its industry peers and is seemingly going through a normalization phase to lower its gearing, or is it? It is interesting to study the key banking relationships of Oxley which is dominated by foreign banks including the likes of Deutsche Bank and HSBC. These banks typically charge a much higher interest rate than local banks and have stricter financial covenants. I would project that if the Company takes a loan of 60% LTV on their Steven Road assets from a bank like HSBC, the interest rate will most likely be 4% or translating to almost $24m of interest every year. This is a hefty sum and interest coverage covenant will most likely be challenged when government related business due to Covid taper off in Q3/Q4. Most importantly, if valuation gets marked down by 15% from $1.1B to $935m, could there be a requirement to top up $100m of equity? Conundrum of Sales Velocity vs. Rising Construction Cost   I acknowledge that the sales velocity of Oxley projects is at a reasonable pace and they have sold most of units in their inventory but is this positive or negative? Developers in Singapore have thin development margin and to move units in this climate, one must reduce price. With the recent labour restrictions, Minister Lawrence Wong has said that it is inevitable that the construction industry copes with rising cost. My personal view is a 10% reduction in sale price coupled with a 10% increase in cost including delay costs would most likely wipe out all your profits, well you are essentially working to pay off the banks. It is also noteworthy that Oxley has a few projects of smaller scale and the incremental cost can be significant as a percentage of cost. Wrapping Up The above is my opinion and quite often I am wrong. Compare Oxley to similar stocks like Tuan Sing, Tuan Sing has similar leverage profile but much superior assets on their books and well positioned for recovery. If you would like residential exposure, I would opt for developers with large scale projects like UOL, UIC, CDL...  these developers can out muscle contractors and quite often build better projects at lower cost.
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alsim55 Member	01-Jul-2020 10:01        alsim55 About Contact  Quote this Post!
x 0   x 0  Alert Admin	i have to agree with you. even the insight into how much they really made in the cheron house deal is unclear, and why they bent over backwards to secure the deal (ie guaranteed rental yield + $1 management fee). these are generally hallmarks of someone tight on cash and doing everything to save a sinking ship. his leverage, even after clearing cheron house is quite high, and it seems he has litigation everywhere, which is a huge distrsction (i believe there are 2 overseas projects + 1 local KAP suits that are on going).  even with the hotel, i have to concur its overvalued. in my opinion, its a trend with oxley to overprice a lot of things and then accept much lower offers. of course, kudos to mr ching for trying his luck to find a sucker, since theres one born every minute, but after the last financial crisis, a lot of investors have become savvier ... but thats just my $0.02 orchardplaza.p8      ( Date: 25-Jun-2020 07:41) Posted: Oxley is a SELL  Having seen Oxley build a global real estate empire over the past 5 years and flying the Singapore flag high in Ireland, Malaysia, UK, I have always been an admirer to the stock. The growth pace has been phenomenal, and the Company has benefitted from the low interest rate environment and resultantly took on excessive leverage to fuel their global expansion. Because of this high gearing, I disagree with many of you that the stock is undervalued. Vulnerability of Book Value The Company has accumulated a portfolio of income producing assets over the years including Novotel and Mercure at Stevens Road which currently sit on their books at $1.1B. If you recall, these hotels were previously reported to have found a potential buyer at $1B who later decided to walk, presumably because of a mismatch in price expectations. The hotels were subsequently put on the market in March 2019 but again failed to find a buyer. Benchmarking to the valuation of Orchard Hotel owned by CDL Hospitality REIT and Orchard Rendezvous Hotel owned by Far East Hospitality both of which are located in much superior locations, Novotel and Mercure at Stevens Road appear to be overvalued even after adjusting for its freehold status. I expect significant mark down of valuation in the next financial report. Space at Tampines which is a retail/industrial building near IKEA would most likely be adversely impacted by Covid-19 and possibly facing valuation mark-down as well. Funding from Non-Local Banks It is widely advertised that Oxley has one of the highest gearing against its industry peers and is seemingly going through a normalization phase to lower its gearing, or is it? It is interesting to study the key banking relationships of Oxley which is dominated by foreign banks including the likes of Deutsche Bank and HSBC. These banks typically charge a much higher interest rate than local banks and have stricter financial covenants. I would project that if the Company takes a loan of 60% LTV on their Steven Road assets from a bank like HSBC, the interest rate will most likely be 4% or translating to almost $24m of interest every year. This is a hefty sum and interest coverage covenant will most likely be challenged when government related business due to Covid taper off in Q3/Q4. Most importantly, if valuation gets marked down by 15% from $1.1B to $935m, could there be a requirement to top up $100m of equity? Conundrum of Sales Velocity vs. Rising Construction Cost   I acknowledge that the sales velocity of Oxley projects is at a reasonable pace and they have sold most of units in their inventory but is this positive or negative? Developers in Singapore have thin development margin and to move units in this climate, one must reduce price. With the recent labour restrictions, Minister Lawrence Wong has said that it is inevitable that the construction industry copes with rising cost. My personal view is a 10% reduction in sale price coupled with a 10% increase in cost including delay costs would most likely wipe out all your profits, well you are essentially working to pay off the banks. It is also noteworthy that Oxley has a few projects of smaller scale and the incremental cost can be significant as a percentage of cost. Wrapping Up The above is my opinion and quite often I am wrong. Compare Oxley to similar stocks like Tuan Sing, Tuan Sing has similar leverage profile but much superior assets on their books and well positioned for recovery. If you would like residential exposure, I would opt for developers with large scale projects like UOL, UIC, CDL...  these developers can out muscle contractors and quite often build better projects at lower cost.
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NT1825 Master	27-Jun-2020 01:15        NT1825 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I am in view that OHL is agile and have taken drastic measures to improve its operating cash flow. This has been demonstrated and also reported since begining of this year. On the part of loans with higher IR - this is quite common for this industry as profit margin is also higher for such venture. What is impressive about OHL is its share price growth - slow but steady except for duration of market shock. Compare the trend with TSH you will understand why. For many, TSH is speculative and hard to predict investment return -dyodd. orchardplaza.p8      ( Date: 26-Jun-2020 10:38) Posted: Agree that Ching is all-in on the Company. Will keep a close eye on this year' s financials, zooming in on the operating cash flow. I will change my view if they are able to generate +ve OCF.
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orchardplaza.p8 Member	26-Jun-2020 10:38        orchardplaza.p8 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Agree that Ching is all-in on the Company. Will keep a close eye on this year' s financials, zooming in on the operating cash flow. I will change my view if they are able to generate +ve OCF.
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Goldfinger Supreme	25-Jun-2020 08:01        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	Agree Tuan Sing likely severely undervalued - DBS recently wrote a research report. Oxley only thing is Ching is determined to grow this company and has a large percentage of shares. orchardplaza.p8      ( Date: 25-Jun-2020 07:41) Posted: Oxley is a SELL  Having seen Oxley build a global real estate empire over the past 5 years and flying the Singapore flag high in Ireland, Malaysia, UK, I have always been an admirer to the stock. The growth pace has been phenomenal, and the Company has benefitted from the low interest rate environment and resultantly took on excessive leverage to fuel their global expansion. Because of this high gearing, I disagree with many of you that the stock is undervalued. Vulnerability of Book Value The Company has accumulated a portfolio of income producing assets over the years including Novotel and Mercure at Stevens Road which currently sit on their books at $1.1B. If you recall, these hotels were previously reported to have found a potential buyer at $1B who later decided to walk, presumably because of a mismatch in price expectations. The hotels were subsequently put on the market in March 2019 but again failed to find a buyer. Benchmarking to the valuation of Orchard Hotel owned by CDL Hospitality REIT and Orchard Rendezvous Hotel owned by Far East Hospitality both of which are located in much superior locations, Novotel and Mercure at Stevens Road appear to be overvalued even after adjusting for its freehold status. I expect significant mark down of valuation in the next financial report. Space at Tampines which is a retail/industrial building near IKEA would most likely be adversely impacted by Covid-19 and possibly facing valuation mark-down as well. Funding from Non-Local Banks It is widely advertised that Oxley has one of the highest gearing against its industry peers and is seemingly going through a normalization phase to lower its gearing, or is it? It is interesting to study the key banking relationships of Oxley which is dominated by foreign banks including the likes of Deutsche Bank and HSBC. These banks typically charge a much higher interest rate than local banks and have stricter financial covenants. I would project that if the Company takes a loan of 60% LTV on their Steven Road assets from a bank like HSBC, the interest rate will most likely be 4% or translating to almost $24m of interest every year. This is a hefty sum and interest coverage covenant will most likely be challenged when government related business due to Covid taper off in Q3/Q4. Most importantly, if valuation gets marked down by 15% from $1.1B to $935m, could there be a requirement to top up $100m of equity? Conundrum of Sales Velocity vs. Rising Construction Cost   I acknowledge that the sales velocity of Oxley projects is at a reasonable pace and they have sold most of units in their inventory but is this positive or negative? Developers in Singapore have thin development margin and to move units in this climate, one must reduce price. With the recent labour restrictions, Minister Lawrence Wong has said that it is inevitable that the construction industry copes with rising cost. My personal view is a 10% reduction in sale price coupled with a 10% increase in cost including delay costs would most likely wipe out all your profits, well you are essentially working to pay off the banks. It is also noteworthy that Oxley has a few projects of smaller scale and the incremental cost can be significant as a percentage of cost. Wrapping Up The above is my opinion and quite often I am wrong. Compare Oxley to similar stocks like Tuan Sing, Tuan Sing has similar leverage profile but much superior assets on their books and well positioned for recovery. If you would like residential exposure, I would opt for developers with large scale projects like UOL, UIC, CDL...  these developers can out muscle contractors and quite often build better projects at lower cost.
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orchardplaza.p8 Member	25-Jun-2020 07:41        orchardplaza.p8 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Oxley is a SELL  Having seen Oxley build a global real estate empire over the past 5 years and flying the Singapore flag high in Ireland, Malaysia, UK, I have always been an admirer to the stock. The growth pace has been phenomenal, and the Company has benefitted from the low interest rate environment and resultantly took on excessive leverage to fuel their global expansion. Because of this high gearing, I disagree with many of you that the stock is undervalued. Vulnerability of Book Value The Company has accumulated a portfolio of income producing assets over the years including Novotel and Mercure at Stevens Road which currently sit on their books at $1.1B. If you recall, these hotels were previously reported to have found a potential buyer at $1B who later decided to walk, presumably because of a mismatch in price expectations. The hotels were subsequently put on the market in March 2019 but again failed to find a buyer. Benchmarking to the valuation of Orchard Hotel owned by CDL Hospitality REIT and Orchard Rendezvous Hotel owned by Far East Hospitality both of which are located in much superior locations, Novotel and Mercure at Stevens Road appear to be overvalued even after adjusting for its freehold status. I expect significant mark down of valuation in the next financial report. Space at Tampines which is a retail/industrial building near IKEA would most likely be adversely impacted by Covid-19 and possibly facing valuation mark-down as well. Funding from Non-Local Banks It is widely advertised that Oxley has one of the highest gearing against its industry peers and is seemingly going through a normalization phase to lower its gearing, or is it? It is interesting to study the key banking relationships of Oxley which is dominated by foreign banks including the likes of Deutsche Bank and HSBC. These banks typically charge a much higher interest rate than local banks and have stricter financial covenants. I would project that if the Company takes a loan of 60% LTV on their Steven Road assets from a bank like HSBC, the interest rate will most likely be 4% or translating to almost $24m of interest every year. This is a hefty sum and interest coverage covenant will most likely be challenged when government related business due to Covid taper off in Q3/Q4. Most importantly, if valuation gets marked down by 15% from $1.1B to $935m, could there be a requirement to top up $100m of equity? Conundrum of Sales Velocity vs. Rising Construction Cost   I acknowledge that the sales velocity of Oxley projects is at a reasonable pace and they have sold most of units in their inventory but is this positive or negative? Developers in Singapore have thin development margin and to move units in this climate, one must reduce price. With the recent labour restrictions, Minister Lawrence Wong has said that it is inevitable that the construction industry copes with rising cost. My personal view is a 10% reduction in sale price coupled with a 10% increase in cost including delay costs would most likely wipe out all your profits, well you are essentially working to pay off the banks. It is also noteworthy that Oxley has a few projects of smaller scale and the incremental cost can be significant as a percentage of cost. Wrapping Up The above is my opinion and quite often I am wrong. Compare Oxley to similar stocks like Tuan Sing, Tuan Sing has similar leverage profile but much superior assets on their books and well positioned for recovery. If you would like residential exposure, I would opt for developers with large scale projects like UOL, UIC, CDL...  these developers can out muscle contractors and quite often build better projects at lower cost.
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Goldfinger Supreme	24-Jun-2020 12:55        Goldfinger About Contact  Quote this Post!
x 0   x 0  Alert Admin	No need to stir this up please. Just let it remain low key. So any forummers can accumulate this cheaply and quietly.
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look@bright Elite	24-Jun-2020 12:54        look@bright About Contact  Quote this Post!
x 0   x 0  Alert Admin	completion for the sale is on 30 June. Perhaps we will only see some up on the shares when completion is finally done next week?
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NT1825 Master	24-Jun-2020 12:17        NT1825 About Contact  Quote this Post!
x 0   x 0  Alert Admin	The group receives approx $200 mil cash for a paid up asset. That is about 4.7c per share! Very interesting moonsun      ( Date: 22-Jun-2020 22:27) Posted: De leverageing successful & neat profit too. Looking at pent up demand properties sales.. think on track to hit 30s... dyodd please... :)
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moonsun Veteran	22-Jun-2020 22:27        moonsun About Contact  Quote this Post!
x 0   x 0  Alert Admin	De leverageing successful & neat profit too. Looking at pent up demand properties sales.. think on track to hit 30s... dyodd please... :)
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NT1825 Master	22-Jun-2020 20:32        NT1825 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Congrats to the Group and its shareholders - the sale agreement is finally inked.  Excerpts from SGX announcement is shared below. SALE OF THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF OXLEY BERYL PTE. LTD. The Board of Directors of Oxley Holdings Limited (the " Company" , and together with its subsidiaries, the &ldquo Group&rdquo ) refers to the announcements on 14 March 2019, 30 April 2019, 9 May 2019, 21 May 2019, 7 June 2019, 2 April 2020 and 19 May 2020 relating to the sale of the entire interest in the capital of Oxley Beryl Pte. Ltd., the owner of the Property at 30 Raffles Place Singapore 048622.  Full details - refer to SGX company announcement.
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look@bright Elite	22-Jun-2020 18:33        look@bright About Contact  Quote this Post!
x 0   x 0  Alert Admin	Keepfaith2018      ( Date: 22-Jun-2020 18:17) Posted: https://links.sgx.com/FileOpen/Annc%20-%20Chevron%20AD%20SPA.ashx?App=Announcement&FileID=619948
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Keepfaith2018 Member	22-Jun-2020 18:17        Keepfaith2018 About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://links.sgx.com/FileOpen/Annc%20-%20Chevron%20AD%20SPA.ashx?App=Announcement&FileID=619948
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NT1825 Master	22-Jun-2020 12:39        NT1825 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Expecting some good news soon, adding $315m to the $2.4B revenue reported in Mar. While waiting for new catalyst, worth to note this home grown developer is very agile and quick to adapt to market changes. Book value is lieu at 0.73x and earnings per share of 0.04. Div rate is decent around 4% -dyodd
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look@bright Elite	19-Jun-2020 09:33        look@bright About Contact  Quote this Post!
x 0   x 0  Alert Admin	No news?
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